Pro-Friends' holding company eyes P7.7-B from IPO

ABS-CBN News

MANILA, Philippines (UPDATE) - The parent company of Property Company of Friends Inc. (Pro-Friends) is eyeing to raise as much as P7.7 billion in fresh funds from its planned initial public offering in October.

Pro-Friends' holding company Amicus Holdings filed its application for IPO, wherein it will list 385.750 million primary common shares to domestic investors at an offer price of up to P20 per share.

The offer period is from October 8 to Oct. 14, while the listing date is slated for October 17.

Amicus tapped First Metro Investments Corp. and BDO Capital and Investments Corp. as joint underwriters for the IPO.

"Our group is more committed than ever to providing long-term value for our customers through strategic and holistic investments in providing our needs," Amicus president and CEO Guillermo Choa said.

Amicus said it will use the net proceeds from the offering to finance Pro-Friends' real estate projects in Cavite, Iloilo and Cagayan de Oro, as well as acquisition of land.

Broken down, Amicus will spend P3.15 billion for expansion, P2.48 billion in equity investment in Willamton Holdings and P1.24 billion for acquisition of land in Cavite, Iloilo and Cagayan de Oro.

Williamton, a subsidiary of Amicus, handles the in-house financing requirements of buyers of Pro-Friends projects.

Amicus' business include residential development, retail and office leasing, and consumer finance.

Property developer Pro-Friends is known for projects such as Lancaster New City, Bellefort Estate in Bacoor, Cavite, and Carmona Estates. It has sold over 26,000 homes in Cavite and Iloilo.

In 2013, Amicus Holdings reported its net profit reached P3.4 billion, on the back of P10.2 billion in revenues.